I assume since it's a long standing traditional tool, that it works well. if not than it must be a user issue. after reading Paul Sellers blog post about how a pin gauge is perfect for everything and every wood I decided to make one and see for myself, before I go ahead and get all those cheap Japanese gauges, (I need to get something ASAP).
I made the gauge, super simple, and made the pin from the same 3mm drill bit I used to drill the hole in the arm. Result?... ehh. it kinda works, depending on the wood and grain. I played with various angles and approaches, nope, it's not my, the pin just doesn't cut all that well. I then tried various sharpening angles for the pin, and compared them to my scribers. seems like I've got a good pin....
So bottom line - not a great tool! but as par my introduction, I assume I'm doing something wrong.
(I sharpened the pin with a disk sander and the pin chucked in a cordless drill, both spinning gives a nice sharp symmetrical pin. I did try to refine it with small DMT and soft arkensas in the drill press but it seemed best to leave it off the disk sander)